Accountancy software company Iris has been sold as part of the formation of a
new £500m IT group.

Iris,
which recently announced it was up for sale after months of speculation about
its future, has been sold by owners Hg Capital to Hellman & Friedman.

H&F has created an enlarged business by merging Iris with another UK
company, Computer Software Group.

The group, which cost H&F £500m, has combined revenues of £100m and will
operate under the Iris Software Group brand. Iris chief executive Martin Leuw
will be the group chief executive of the enlarged business.

‘It is excellent news for our customers as it significantly expands our R
&D capabilities and service infrastructure as well as providing tremendous
scope for career opportunities for our employees,’ said Leuw.